Through the eyes of - Idaho Housing and Finance Association

2010 Report
Through the eyes of
our community
Through the eyes of our
leadership
Through the eyes of…
Idaho’s youth......................4
a family................................. 6
local government.............8
a homeless individual..10
a borrower.........................12
a developer.......................14
our staff...........................15
Mortgage Bankers Association
Foreclosure Rate Statistics
Percent as of June 30, 2010
IHFA
4.0
n
3.5
n
3.0
n
2.5
n
2.0
n
1.5
n
1.0
n
0.5
n
0
n
Idaho
VA
United States
FHA
Conv
Dear Reader,
Thank you for taking a look at our 2010 community report. Your interest
in Idaho Housing and Finance Association is appreciated. We hope this report
will help inform you of the many ways we contribute to Idaho’s economy and
help improve the lives of families and individuals throughout the state.
This last year has been marked by an unprecedented public critique of our nation’s housing finance system. Failing financial institutions, the
government rescue of Fannie Mae and Freddie Mac, and sky-rocketing
mortgage foreclosures have focused attention on the question of how this
system could fail so broadly. We have all read countless opinions about who
was at fault and what factors contributed to the housing market’s collapse. In
the midst of this debate, “affordable housing” is sometimes maligned as one
of the problems. We take this debate very seriously, and are concerned that
false impressions and misinformation will frame a future housing policy that
disadvantages those that both desire and can reasonably afford a variety of
housing options.
Idaho Housing and Finance Association specializes in first-time homebuyer
financing. Our market is “affordable housing,” and we have been successfully
making home loans since 1978. At the close of our June 30, 2010 fiscal year,
the Association was servicing home loans for over 21,000 Idaho borrowers
with an aggregate loan balance of over $2 billion. These loans are not
“subprime” or poorly underwritten, nor do they include interest only payment
options or other non-traditional terms. These loans have provided affordable
housing opportunities throughout our state, and have performed remarkably
well during this economic downturn, as can be seen in the chart to the
left. This last year the Association continued its history of strong financial
performance earning net revenues of $11.5 million and building net assets to $213 million.
The Association offers a variety of products and services to support
affordable housing all across Idaho. This past year, we made significant
investments to build affordable rental housing, support homelessness and transitional housing services, and advance individual and family self-sufficiency. Together, these investments exceeded $35 million. Also, the
Association continued its work in the economic development area, having
completed $186 million in project financing. Cumulatively, the Association
has invested over $6 billion in Idaho’s housing and economic development
markets.
In these tumultuous times, our success in helping strengthen Idaho’s
economy is, in large part, due to the strong leadership of our board of
commissioners and the amazing commitment of our employees. And equally
important, we wish to thank our many loyal partners, without whom we simply
could not accomplish the results highlighted in our 2010 community report.
David F. Wilson, Board Chairman, and Gerald M. Hunter,
President and Executive Director.
Sincerely,
David F. Wilson Board Chairman
Gerald M. Hunter
President & Executive Director
Back left to right: Richard L. Bauer, Vice Chairman,
Lee Gagner, Steven R. Keen, Secretary-Treasurer,
Darlene M. Bramon. Front left to right: Jack Beebe,
David Wilson, Chairman
1
2010
highlights
The following numbers provide an overview of the
important work IHFA completed this past fiscal year.
Section 8 Project-Based Rental
Assistance Program helped 3,191
families pay their rent. $17.9
million in funds were expended.
Employees reviewed 504 files and
inspected 167 units.
The Idaho Community
Reinvestment Corporation
closed loans for Cardona
Senior Apartments ($854,100)
and Rosslare Apartments
($1,035,000).
IHFA Provided Housing Counseling To 3,303 Clients
Homelessness prevention (3%)
Rental housing (9%)
Pre-purchase counseling (12%)
Foreclosure prevention
counseling (76%)
IHFA housed 32 families
in low-rent public housing
in Idaho Falls and another
58 in Kellogg.
9I
IHFA participated in 43 industry events statewide.
II
2
III
22
V3I
IV
7
V
Housingidaho.com
IdaMortgage.com financed 4,707
new loans to Idaho homebuyers,
amounting to $376.2 million­ —
96% of these loans went to first-
time homebuyers statewide.
A free bilingual rental housing locator service
REGION 1
69
REGION 6
59
REGION 3
REGION 4
1,039 50
REGION 5
28
TOTAL UNITS / HOUSING TAX CREDITS
1
REGION
2
Emergency Shelter Grants Supportive Housing Program HOPWA Program Shelter Plus Care
$575,592
$1,897,748
$375,661
$410,648
Total:
$3,259,649
2
102,241
25,329
1,049
4,036
18
$2.1 Million in Housing Tax Credits Allocated
for 469 Housing Units
Finally Home!® Homebuyer Education
graduated 3,447 students — 41% attended
class in person.
Continuum of Care Services Grants by Program
REGION 2
Number of Searches Number of Visitors Listings Added Units Added
132 / $920,663
No new units
3
4
5
6
144 / $6,193
52 / $30,200
61 / $385,630
80 / $676,122
Multifamily Developments Placed in Service FY10
DEVELOPMENT
LOCATION
TOTAL UNITS AFFORDABLE UNITS
Ridgeview Apartments
St. Maries
Boise
Apple Pointe Apartments The Oaks II
Jerome
Twin Falls
Timberlake Village
Clover Creek Apartments
Jerome
Clover Creek II Apartments
Bliss
Clover Creek III Apartments
Wendell
Blackfoot
Rose Park Apartments
The Whitman
Pocatello
Chubbuck
Cardona Senior Apartments
Rosslare Senior Apartments
Idaho Falls
Total units placed in service:
V
REGION 1
34
32
44
67
22
17
8
40
25
48
48
385
34
32
44
66
21
17
8
39
25
47
47
380
The Family Self-Sufficiency
Program assisted 214
participants with their
personal savings goals.
53 graduated and
15 of them became
homeowners.
Idaho’s Housing Hotline
Fielded 1,287 Calls*
69
REGION 2
Donations, Grants/Loans, and Assets by Program
*24 calls made from unknown locations
18
PROGRAM
Land Banking
Home Equity Partnership Fund
Emergency Shelter and
Transitional Housing
Homelessness Prevention
Self Sufficiency and Asset Building
Directed Gifts
Unrestricted Gifts
Totals: REGION 6
59
REGION 3
REGION 4
1,039 50
REGION 5
28
DONATIONS
GRANTS/LOANS
ASSETS
—
$309,320
—
$485,912
$500,000
$505,782
$290,763
$637,116
$104,195
$72,695
$54,660
$35,450
$200,775
$122,901
—
$450
$959,713 $1,354,524
$243,590
$108,665
$72,150
$77,561
$1,488
$1,509,236
HOME Program funds were used to construct 132 housing units­—
totaling $5.6 million. Project commitments/reservations with
remaining funding amount to $6.1 million.
Section 8 Housing Choice Voucher Program
Assisted 3,642 Families
Idaho Falls
Nonprofit
Facility Bonds
$13.6 M
1,261 ($4.9 M)
Twin Falls
777 ($3.0 M)
Coeur d’Alene
IHFA Issued $340 Million In Tax-Exempt Bonds
Mortgage
Revenue Bonds
$242.1 M
880 ($3.6 M)
Lewiston
724 ($2.2 M)
n
n
n
n
n
300
600
900
1200
1500
GARVEE Bonds
$84.3 M
Government Stimulus Funding Administered by IHFA
IHFA is administering
Idaho’s funding
allocation for several
of the federal stimulus
programs. Here is a
description of how these
different programs are
benefiting people across
the state.
PROGRAM
REGION 1
REGION 2
REGION 3
REGION 4
REGION 5
REGION 6
STATEWIDE
Tax Credit 2nd Loans Completed
81
15
794
68
92
94
1,144
Homelessness Prevention and
Rapid Re-housing Funds Expended
$247,329 $196,732 $414,922* $58,948 $349,113 $124,083 $1,391,127
Neighborhood Stabilization Program
Number of Homes Resold/In Use
17
—
75
6
8
2
108
Dollars Expended $2,905,289
— $9,113,114 $802,206 $677,831 $347,862 $13,846,302
Tax Credit Assistance Program
Dollars Expended
$2,825,371
— $1,268,020 $230,000
— $2,900,000 $7,223,391
Tax Credit Exchange Dollars Expended
—
— $724,785 $6,248,717 $2,331,201
— $9,304,703
* Region 3 includes Ada County
3
Through the eyes of
Idaho’syouth
Youth glide smoothly through the water in a canoe,
grasp colorful grips to scale a climbing wall in the
shape of Idaho, and tell stories huddled around a
camp fire underneath the stars. These are just a few
of the activities that campers enjoy at the YMCA’s
new camp at Horsethief Reservoir in the mountains
near Cascade.
Campers enjoy a beautiful view of Horsethief
Reservoir at the YMCA camp funded by nonprofit
facility bonds.
Road construction in the Treasure Valley was funded
by GARVEE bonds.
Above (in circle) Laura Mahan at Horsethief Reservoir.
4
While the Treasure Valley YMCA has held resident camps for years, it hasn’t
had a permanent camp for its participants to spend time at since 1968. “For 40plus years we’ve been renting every camp in Valley County,” said Laura Mahan,
who is in charge of the camp. While the facilities weren’t always the best fit for
the organization, they made them work for campers and their programs. But
over the years it became apparent that the YMCA needed its own camp, Mahan
said. That dream came to fruition this summer when campers got to experience
the first new YMCA camp built west of the Mississippi in many years, funded
with $5.8 million in nonprofit facility revenue bonds from Idaho Housing and
Finance Association (IHFA). “We raise funds to pay for projects, but needed
to borrow funds to bridge the time until we receive all the pledges,” said Tom
O’Neil, chief financial officer of the Treasure Valley Family YMCA. “The bond
issuance from IHFA gave us a great interest rate and allowed us to complete the
project sooner than if we’d had to wait for all the cash to come in.” IHFA issues
nonprofit facility revenue bonds to organizations like the YMCA to finance
facilities to be owned by qualified nonprofits, which benefits these organizations
by providing lower cost, tax-exempt financing.
Youth attending YMCA’s new 415-acre camp enjoy cabins, yurts, a lodge,
and a variety of outdoor activities. The camp also gives people a new perspective
on the YMCA. “It allows us to introduce so many more families to the Y so they
can see how much intent we put into programming and the overall impact of the
Y,” Mahan said. In summer 2010, the camp served approximately 1,200 children
and 235 families, three times the number of children they hosted in 2009.
Campers hang out during teen week at the new
YMCA camp at Horsethief Reservoir.
The YMCA Horsethief camp was just one of the many organizations to
benefit from IHFA’s bonding expertise this year. IHFA issued $13.6 million in
nonprofit facility bonds; $242.1 million in mortgage revenue bonds to provide
low-interest mortgages to Idaho homeowners; and $84.3 million in GARVEE
bonds for work on Idaho’s roadways. IHFA also introduced bank placement
bonds for facility loans to help promote economic development. These bonds
give Idaho lending institutions the flexibility to offer tax-exempt interest
rates to businesses financing qualified facilities. Several recovery zone bond
applications were also submitted to IHFA this year. The American Recovery and
Reinvestment Act of 2009 included special legislation, which designated states or
counties as recovery zones based on unemployment rates, housing foreclosure
rates, and other indicators of economic challenges. Qualified businesses located
within a designated recovery zone can use these funds to build new facilities.
Together, the different bonds IHFA issues are helping strengthen Idaho families,
organizations, and businesses.
The Wood River Valley YMCA was constructed with
nonprofit facility bonds.
5
Through the eyes of
a family
“If it weren’t for the Homelessness Prevention and Rapid
Re-housing Program (HPRP) and the assistance of Aid for
Friends, my children would be in foster care,” said Jeff.
IHFA staff members conduct training with HPRP
service providers.
HPRP Coordinator Karen Weppner meets with a client
at St. Vincent de Paul.
Above (in circle) Jeff’s daughter happy at home.
6
Jeff is a father of four in Pocatello and found himself needing help after a series
of unexpected events. Jeff says it all started when he and his wife separated, and
he began bouncing back and forth from Pocatello to Idaho Falls looking for a
fresh start. Ultimately quitting his job before having another job lined up, Jeff
found himself in a place he did not want to be; needing a home for his family
and assistance.
Having nowhere to turn, someone he knew helped him get in touch with
Aid for Friends, a private, nonprofit organization in Pocatello that provides
emergency shelter, transitional housing, and other supportive services to
individuals and families facing homelessness. “It was really nice having a place
that could help us out and that cares about people,” said Jeff. Aid for Friends
provided Jeff a place to live temporarily, affording him some time to get his
matters in order. This provided a safe environment with a sense of normalcy
for his children, and most importantly, kept him and his children together. Jeff
quickly regained his foothold on life and was able to find a new job, save a little
money, and with the assistance from HPRP, was able to get into an apartment.
Jeff says, “Life is good again.” He and his children are enjoying their new
apartment, with a spacious backyard for the kids to play in. According to Jeff,
having a home again provides a stable environment that allows his family to
maintain normal activities, like going to school and having family meals. “I don’t know what would have happened if it weren’t for the assistance we
received,” said Jeff.
Idaho Housing and Finance Association (IHFA) is the administrator of
HPRP, which is a part of the American Recovery and Reinvestment Act (ARRA)
of 2009 and provides funding to help people who are homeless or who are in
danger of becoming homeless. IHFA worked with 11 organizations around the
state and allocated $4.4 million of stimulus funding received through ARRA to
these organizations during the past year. The need for funding statewide was
so large that organizations are expending their allocations more quickly than
expected and have expended over $1.3 million of the three-year allocation.
In a year with increasingly high homeless numbers, HPRP funding
provided critical assistance to 1,085 households. Organizations are finding
Jeff, father of four, used HPRP funding to keep
his family together.
unique ways to balance the increased need with the funding available. For
example, CLUB, Inc. in Idaho Falls implemented a briefing process that would
explain the program to a group of people instead of tackling this on a oneon-one basis, allowing them to reach more people. The group briefings allow
participants to self-determine if they qualify for HPRP, and provide them with
a list of documentation to gather prior to meeting with a case manager. This
creates an efficiency that provides funding to those in need in a timely manner.
Reaching those in need quickly can make all the difference. BJ Stensland,
executive director with Aid for Friends, expressed that the safe and secure
lodging, warm meals, and one-on-one contact with case managers allows
individuals the extra boost they need to become self-sustained again and get
back into the community. “Without the additional HPRP funding, there would
have been many individuals and families we would not have been able to help,”
said Stensland.
With the HPRP funds fully allocated, IHFA will continue to administer
this three-year program by coordinating the drawdown of funding, monitoring
budgets, performing the federal reporting duties, and handling the Homeless
Management Information System (HMIS). Communities around the state will
continue to benefit from this stimulus funding.
“Without the additional
HPRP funding, there
would have been
many individuals and
families we would not
have been able to help.”
–BJ Stensland,
executive director,
Aid for Friends
7
Through the eyes of local
government
“With NSP taking these
foreclosed properties
and bringing them
back to good repair, the
impact on other city
resources is reduced
and can be directed at
other issues.”
–Jennifer Richardson, housing rehabilitation coordinator, city of Nampa
One of the many foreclosed homes that have been
rehabilitated statewide.
Above (in circle) Jennifer Richardson
8
“In our community there is at least one foreclosure
per block,” says Jennifer Richardson, housing
rehabilitation coordinator for the city of Nampa.
Canyon County is one of the hardest hit foreclosure
areas of the state and the county continues to see
more foreclosures not only from predatory lending
practices and adjustable-rate mortgages resetting,
but from the economic downturn.
Richardson is one of 13 funding recipient partners statewide working with
Idaho Housing and Finance Association, the administrator of the Neighborhood
Stabilization Program (NSP); to help stabilize neighborhoods that are reeling
from the effects of foreclosed and abandoned homes.
The city of Nampa received $3.6 million of the $19.6 million in NSP funding
allocated to the state through the Housing and Economic Recovery Act enacted
in July 2008. The funding has allowed eligible entities statewide to acquire
foreclosed or abandoned property, rehabilitate it if necessary, and then resell or rent the property as affordable housing in their communities.
Since the NSP funding was awarded to the city of Nampa it has purchased
and rehabilitated several homes, and is now seeing a number of qualified families
purchasing homes through NSP. Richardson is proud to see that through this
program her community is able to help families realize the “American Dream” of homeownership. Canyon County residents have been very positive about the
direct impact this funding has had in their neighborhoods. “The funding has
done so much for our communities, besides removing the blight of foreclosure,”
Richardson said. “NSP has created jobs, fed families of those employed for the
rehabilitation, and improved the appeal of the neighborhood and community
pride.” Foreclosed properties that are not maintained and kept in good repair
become targets for vandalism, requiring an increased need for city resources such as code enforcement and police. “With NSP taking these foreclosed
properties and bringing them back to good repair the impact on other city
resources is reduced and can be directed at other issues,” said Richardson.
Neighborhood Stabilization Program funding is making a significant
impact on local communities. IHFA is experiencing tremendous success in its
role as administrator of the program. This role has encompassed creating the
program from the ground up; distributing funds; encouraging partnerships with
businesses; and educating lenders, REALTORS®, and title companies about the
homeownership aspects of the program. All of these efforts have been a huge
undertaking, but the key to making this program work has really been forming
lasting community partnerships to transform neighborhoods and communities
affected by the housing crisis. With the help of its funding recipients, IHFA has
expended $13.8 million and stabilized 108 homes in neighborhoods statewide
this past year. The program funding is reaching areas of the state with the greatest
needs and is now benefiting many new homeowners statewide. IHFA determined
the areas of greatest need after extensive analysis of the number of foreclosures,
subprime loans, the future risk of foreclosures, and the presence of low-tomoderate-income households in each county. Purchasing a home through NSP
is based on need, and the program is helping to make homeownership more
affordable for many families.
Jennifer Yost, community development department,
program manager, Mayor Tom Dale, and Jennifer
Richardson, housing rehabilitation coordinator
with the city of Nampa in front of an NSP home that
is in the process of being rehabilitated.
“The Neighborhood
Stabilization Program
is helping people into
homes at a price they
can afford.”
–Mayor Tom Dale,
city of Nampa
9
Through the eyes of
a homeless
individual
“From the moment
I arrived at St. Vincent
de Paul, everyone from
the executives down
made me feel like I
was still a worthwhile
person who has
something to offer.”
–Wanda
Sign at Interfaith Sanctuary, a homeless shelter.
Above (in circle) St. Vincent de Paul Executive
Director Jeff Conroy discusses projects with
Foundation Development Director Deanna Ward
and Sojourner’s Alliance Executive Director
Steve Bonnar.
10
Wanda, age 69, found herself in an extremely difficult
situation when she unexpectedly lost her job and
had no nest egg to support her. She set out from
Yakima, Washington to drive to her daughter’s home
in Wisconsin. When she stopped in Coeur d’Alene to
get fuel, she realized she only had a few dollars in
her pocket, and it suddenly hit her that she needed
help. Not knowing where to turn she went to the
police who led her to St. Vincent de Paul (SVDP).
Wanda began staying in one of SVDP’s shelters and in just two months she was
working a full-time job again and renting an apartment. “From the moment I
arrived at St. Vincent de Paul, everyone from the executives down made me feel
like I was still a worthwhile person who has something to offer,” said Wanda. She
credits the self-worth the SVDP staff instilled in her to her quick turnaround.
“They didn’t do things for me, but advised me and provided me tools such as
phone and computer access in the H.E.L.P. Center, and provided plenty of followup with a case manager.” Wanda is now enjoying her new life in Coeur d’Alene
and has recently enrolled in a local business college. “I am grateful for the help I received and can’t wait to give back myself,” said Wanda.
St. Vincent de Paul is one of many nonprofit service providers throughout
the state who receive funds from the Home Partnership Foundation, brought
to you by Idaho Housing and Finance Association (IHFA). The Foundation, the
state’s only affordable housing foundation, works to pool community donations
and provide matching grants to support nonprofit service providers statewide
who provide safe, stable, and affordable housing for Idahoans.
This past year, the Foundation utilized many grassroots efforts to increase its
donor base, including an inaugural IHFA employee giving campaign. The efforts
proved successful as the Foundation began receiving a steady flow of donations
which allowed it to provide emergency response grants of nearly $70,000 to
service providers across Idaho. With a 21% increase in homeless numbers
according to the annual Point-in-Time Count, this additional funding was greatly
needed. “Without the support of these additional funds, we would not have been
Wanda happily employed full-time once again.
able to run our warming centers this past season,” said Jeff Conroy, executive
director for St. Vincent de Paul.
SVDP, North Idaho’s largest homeless service provider, also owns and operates
the H.E.L.P. Center (Helping Empower Local People) which helped Wanda regain
stability in her life. The Center is a cooperative initiative involving the city of
Coeur d’Alene and 19 nonprofit and governmental homeless serving organizations.
It provides a “one stop shop” under one roof, which is especially useful for those
individuals with transportation concerns. The H.E.L.P. Center provided over
13,600 services to 2,989 individuals during the first year of operation.
The Home Partnership Foundation administered over $900,000 to nonprofit
service providers across the state, such as SVDP, this past year. The nonprofit
service providers help the Foundation achieve its important mission to support
emergency shelters and services for the homeless and disadvantaged; provide
funding to prevent eviction actions helping families avoid becoming homeless;
encourage asset building and financial independence through matched-saving
grants for home down payments; and make workforce housing attainable in
high-cost Idaho communities. Together with generous donors, the Foundation is
changing lives by striving to ensure that all Idahoans have a place to call home.
One of many homeless families seeking refuge
at an Idaho shelter.
11
Through the eyes of
a borrower
Lauralee was able to take advantage of the Tax Credit
2nd Loan program through IdaMortgage, brought to
you by Idaho Housing and Finance Association, when
she purchased her new home in Kuna. “I couldn’t
have bought my house without it,” she said. Lauralee
had almost given up on the idea of being able to
purchase a home, “I would find a house I liked and
make an offer then someone else would make a higher
offer; the bidding war would raise the purchase price
until it was out of my price range,” she said.
IHFA staff discuss IdaMortgage programs with
hundreds of REALTORS® during a Graduate
REALTOR® Institute.
Above (in circle) Lauralee’s new home in Kuna.
“The IdaMortgage Tax
Credit 2nd Loan was a
financial boost that
helped buyers get into
their new home.”
–Susan Semba,
IHFA homeownership
lending director
12
Then Lauralee’s REALTOR® told her about the Tax Credit 2nd Loan program
offered by IdaMortgage. With the coordinated efforts of her REALTOR®, builder,
and lender she was able to purchase a brand new home. Lauralee said she knew
that as a single person, with only one income, it was going to be difficult to find
the home she was looking for with a price and monthly payment to fit her budget.
Being able to use the tax credit money up front increased her down payment
significantly, resulting in a lower, affordable monthly payment. Lauralee said she
told everyone she knew that if they were thinking about buying a home, they
really needed to look into IdaMortgage’s loan program.
Lauralee moved into her new home in early June and, while she felt a little
overwhelmed with everything at first, she is settling in quite nicely. “The front
lawn is in and I’ve planted some flowers,” she said, “The backyard and sprinklers
are next on my list.” After realizing she had spent well over $30,000 on rent in the
last five years, Lauralee said she feels like becoming a homeowner was a really
good investment.
IdaMortgage created the Tax Credit 2nd Loan program to help buyers take
advantage of the federal tax credit provided through the American Recovery and
Reinvestment Act of 2009 (ARRA). ARRA provided a federal tax credit of up to
$8,000 for first-time homebuyers, and later expanded the program to provide a
similar credit to qualified non-first-time homebuyers. IdaMortgage created the
Tax Credit 2nd Loan program to allow buyers to utilize a portion of the stimulus
funding at the time of purchase, allowing hundreds to purchase homes. “This
was a financial boost that helped buyers get into their new home, which was
Lauralee at her home in Kuna.
an opportunity that may not be available again,” said Susan Semba, IHFA’s
homeownership lending director. This short term loan is expected to be paid off from the borrower’s tax refund obtained through the federal tax credit.
Lauralee is one of many Idaho homeowners who were able to take advantage
of this program. During the last year 1,144 Idaho homebuyers received funding
totaling over $5 million through IdaMortgage’s Tax Credit 2nd Loan program to
purchase homes.
Many borrowers throughout the state are also benefiting from other
programs offered by IdaMortgage. These include the new Affordable Advantage
Loan that does not require private mortgage insurance for qualified homebuyers,
decreasing their monthly mortgage payment; First Loan; Advantage Loan;
RD Loan products; and down payment and closing cost assistance programs.
Borrowers do not have to be first-time homebuyers to take advantage of the great
programs offered. IHFA also offers Finally Home!® homebuyer education, free
housing counseling services that include pre- and post-purchase counseling,
foreclosure prevention counseling, and rental counseling. More than 3,300 people
benefitted from housing counseling services this past year. IdaMortgage also
provides approximately 30 training sessions each year for its lending partners and
REALTORS® statewide to keep them up-to-date on loan products, programs, and
low interest rates available for their clients.
IHFA staff present information to lending partners and
REALTORS® during an IdaMortgage training session.
13
Through the eyes of
a developer
“If the funding hadn’t
come available, the
project probably
wouldn’t be underway
even now,”
–Greg Dunfield,
Vitus Development
Left to right, McCall Mayor Don Bailey; Valley County
Commissioner Frank Eld; THC Director Douglas
Peterson; and THC Housing Development Officer
Kathryn Almberg at the groundbreaking of the Springs.
Above (in circle) Northwood Place
14
Greg Dunfield of Vitus Development knows firsthand
the need that the resort community of Ketchum faces
when it comes to affordable housing development.
He’s been going to Ketchum, located just a few miles from the Sun Valley resort,
for more than 30 years. In that time, he’s seen the need for affordable housing
increase as workers have been forced to move farther away from the community
to find reasonably priced housing. After submitting several proposals for
affordable developments in the community with no success, Dunfield received
a call in spring 2008 from the Ketchum Community Development Corporation,
which works to provide affordable housing in the area to encourage economic
development. With resources administered by Idaho Housing and Finance
Association and support from the local community, the 32-unit Northwood
Place — the city’s first Low-Income Housing Tax Credit (LIHTC) project — will soon become reality.
In early 2009, however, the project’s future wasn’t so certain. When
Northwood Place was conceptualized in the summer of 2008 the financial
markets were strong, and there were plenty of buyers for tax credits. But in the
few short months from the time the development’s tax credit application was
submitted to the time the credits were awarded in January 2009, the financial
markets collapsed, reducing the value of the credits by 30%. “You can’t imagine
what it does to have 30% of the equity on an $8 million deal taken away,” Dunfield
said. That funding gap left the project stalled until the Tax Credit Exchange and
Tax Credit Assistance Program (TCAP) were introduced as part of the American
Recovery and Reinvestment Act (ARRA). IHFA is administering both programs
in Idaho.
With these tools in hand to get the project back on track, Vitus Development
applied for and received $7.5 million in exchange credit and $230,000 in TCAP
funding through IHFA. “If the funding hadn’t come available, the project
probably wouldn’t be underway even now,” Dunfield said. And that would have
been difficult for a community where affordable housing is desperately needed.
“For me Northwood Place is the finishing scene to a story of a community really
struggling with acceptance of affordable housing and realizing how it can affect
and change the community,” Dunfield said.
Construction on Northwood Place began in November 2009, and the
development is expected to be completed this fall. While Northwood Place was
one of the first transactions IHFA closed using ARRA funding, many other
developments that also faced uncertainty when the financial markets collapsed are
now well on their way to completion. IHFA has allocated $25 million in Tax Credit
Exchange funding and another $8.8 million in TCAP funding to 17 developments
across the state, jumpstarting projects that were stalled because of the financial
crisis. In the past year alone, IHFA expended $9.3 million in Tax Credit Exchange
funding to the following projects: Aspenwood, Montpelier; Northwood Place,
Ketchum; Cardona Senior, Chubbuck; HOPE Plaza, Caldwell; Meadowbrook, Buhl;
Riverbend I & II, Fruitland; Riverbend III, Marsing; Riverbend IV, Grand View;
and the Springs, McCall. Another $8 million in TCAP funds were disbursed to:
Apple Pointe, Boise; Northwood Place, Ketchum; Canyonside, Wallace; Galway,
Nampa; Ridgeview, St. Maries; Summerhill, Idaho Falls; Tullamore Commons
and Tullamore Senior, Post Falls; and the Springs, McCall. These were just two of
the funding sources IHFA used to spur development in the past year. Nearly 400
units were placed in service through the LIHTC program. IHFA also financed
the construction of 132 units with $5.6 million through the HOME program, a
block grant funding source though the U.S. Department of Housing and Urban
Development. With the help of these programs, many Idaho communities have
experienced the benefits of this funding as local citizens are employed by the jobs
created during the construction of the development; and more affordable housing
is made available for those who need it statewide.
Greg Dunfield of Vitus Development, formerly known
as Allied Pacific Development, and Jon Duval, co-owner
of Northwood Place and Executive Director of Ketchum
Community Development Corporation.
Rendering above courtesy of Living Architecture.
Aspenwood after renovations.
15
our staff
Executive Management Team
Our Mission
Idaho Housing and
Finance Association
improves lives and
strengthens Idaho
communities by
expanding housing
opportunities, building
self sufficiency, and
fostering economic
development.
Gerald Hunter
President and Executive Director
Marianne Bafaro
Executive Office Administrator
Genya Baldassarre
Executive Assistant
John Sager
CFO and Sr. Vice President
Julie Williams
Sr. Vice President
Lydia Aguirre
Human Resources Director
Susan Semba
Homeownership Lending Director
Douglas Peterson
The Housing Company Director
Deanna Ward
Home Partnership Foundation
Development Director
Accounting
Marolynn Antram
Valerie Baker
Judie Bankos
Cindy Bengal
Diana Burny
Jimmy Capell
Cindy Chappell
Tracy Childers
Danette Cragin
Judy Davis
Debby Dudley
Christine Freeman
Ruth Friton
Jennifer Hagan
Carol Harbst
BRANCH OFFICES:
Coeur d’Alene
Laurie Taylor, Supervisor
Ramona Koester-Smith
Michael Morgan
Ray Pfaff
Tina Shults
Lorelei Siwierka
Roxanne Stephens
Bette Woinowsky
Idaho Falls
Lewiston
Housing Information and
Referral Center (HIRC)
Homeownership Lending
Gwen Davis
Janet Thurman
Human Resources
Grant Programs
Crystal Bastin
JoAnn Behr
Karrie Butler
Sheri Cook
Tracy Drouin
Karen Frings
Mary Ellen Gallagher
Jeri Kirkpatrick
Maria Lara-Buenrostro
Marcel Lopez
Robert Macha
Jennifer Otto
Karen Taggart
Shelley Wallace
Treasury
Erik Kingston
Building Operations
Kyle Kitterman, Controller
Ron Porter
Mila Bilbao
Kelle Outen
Susan Porter
Carol Reed
Michael Thompson
Vicki Schaffer
Nancy Stolberg
Donna Webster
Craig Stoddard, Supervisor
Gaynor Beckstead
Shelley Conrad
Bruce Corman
Jayna Gneiting
Tyra Gonzalez
Cameron Jenson
Renee Lewis
Connie Sanchez
Shane Seeley
Joseph Stauffer
Stacy Swan
Rachel Tewalt
Freda Walton
Housing Compliance
Sheryl Putnam, Manager
Michele Baldwin
Sara Dotson
Becky Miller
Norma Requist
Andrew Schank
Erin Shelton
Lynae Steadman
Heather Wiedenfeld
Andrea Santero
16
Heather Harrison
Anna Hohnbaum
Tammy Jensen
Dianne Johnson
Jan Jones
Lisa Leek
Deborah Liles
Tiffini Lindsey
Kathleen Marr
Tia Moore
Cassandra Nacoste
Wendy Overton
Raul Ramirez
Cindy Scott
Colleen Smith
Pam Telford
Lynn Tyler
Paula Valk
Lorann Willcox
Virginia Hacking
Judy Randles
Katie Shamy
Information Technology
Greg Blake, Manager
Cyndi Bradberry
Michelle Moedl
Larry Moody
Terry Snow
Eric Willinsky
Multifamily Finance
Ernie Watkins, Sr. Manager
Diana Baker
Cindy Lancaster
Teresa Rickenbach
Larry Thomas
Public Affairs
Katrina Thompson, Manager
Lisa Davis
Kathy Griffith
Leslie Perkins
Rental Assistance Programs
Lisa Stevens, Sr. Manager
Cheryl Brown
Kris Hudson
Jackie Sayre, Supervisor
Janet Clark
David Dudunake
Robin Ferderer
Darcy Reel
Deborah Winchester
Yvonne White
Twin Falls
Brady Ellis, Supervisor
Cindy Garcia
Krissy Goff
Kourtney Holt
Heidi McCall
Randa Pond
Toni Shinn
The Housing Company
Kathryn Almberg
Dagmar Cizek
Tracie DeHaas-Drabek
Robin Gibson
Judith Kallberg
Catherine Madrid
Kathy Pitzer
Pamela Reese
Jennifer Rogers
Chrissy Wargo
Through the eyes of
our community
Boise Headquarters
Coeur d’Alene Branch
Lewiston Branch
P.O. Box 7899
(565 W. Myrtle Street)
Boise, ID 83707-1899
Phone (208) 331-4882
Fax (208) 331-4802
Toll free 1-877-438-4472
Hearing Impaired
1-800-545-1833 Ext 400
Harbor Plaza
610 W. Hubbard, Bay 219
Coeur d’Alene, ID 83814
Phone (208) 667-3380
Toll free 1-866-621-2994
215 Tenth Street, Suite 101
P.O. Box 342
Lewiston, ID 83501
Phone (208) 743-0251
Toll free 1-866-566-1727
Idaho Falls Branch
506 S. Woodruff Ave.
Idaho Falls, ID 83401
Phone (208) 522-6002
Toll free 1-866-684-3756
Twin Falls Branch
844 Washington Street N.
Suite 300
Twin Falls, ID 83301
Phone (208) 734-8531
Toll Free 1-866-234-3435